The EURUSD has fired off a false break pin bar on the daily price action chart. During the session price moved lower and through the recent key support level, which would have got the a lot of the market going short, with breakout traders looking for the market to breakout lower. The market has then snapped back higher and created the false break pin bar as shown on the daily chart below, with the nose on the pin bar protruding through and making a false break of the recent support level.
The major worry for price moving higher on the back of this pin bar is that price has been super choppy and trading in a heavy sideways market of late and when price has been in such an undecided market it tends to create a lot of minor support and resistance levels. If price confirms the pin bar by breaking the pin bar high, there is then some close overhead resistance levels that price will have to deal with if it is to make any substantial moves higher. The first levels of concern comes in around 1.3745 and then 1.3770 and if price can gain momentum and cut through these levels, then price may be able to make a powerful move back higher, but these levels first need to be broken solidly.
EURUSD Daily Chart